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The window for paying SDLT reduced to 14 days

For transactions with an effective date falling on or after 1 March 2019, the due date for payment of the SDLT has changed.

It is now 14 calendar days after the effective date. The filing deadline for the land transaction return also shifts to that date. The change is made by the Stamp Duty Land Tax (Administration) (Amendment) Regulations, SI 2018/1319.

The effective date is usually the date the transfer is completed, but it can be the date the contract is ‘substantially performed’ if this is before completion. ‘Substantial performance’ is when one of the following happens:

  • Most of the buying price is paid - normally 90% and payment can be in cash or something else of economic value
  • The buyer is entitled to possession of the property
  • The first payment of rent is made

Where the contract is contingent or there is an uncertain amount of consideration, the buyer can apply to HMRC to defer the SDLT payable, within 30 days of the effective date.

The deadlines for paying land and buildings transaction tax (LBTT) in Scotland and land transaction tax (LTT) in Wales will remain at 30 days from the effective date.